Bitcoin is building a scallop shape on the chart with $122K as the main level for confirmation soon.
The current BTC price remains near $113K after a daily drop but stays inside the setup that hints breakout.
Traders are waiting to see if the price moves above $122K before aiming for the possible $150K mark.
Bitcoin (BTC) is forming an inverted ascending scallop pattern, indicating a potential breakout toward $150,000 in the coming weeks. The daily chart shows BTC holding support near $113,000 after reaching a session high of $116,051 on Coinbase. The pattern echoes a similar structure seen during Bitcoin’s April rally from $74,000 to a new all-time high.
https://twitter.com/SuperBitcoinBro/status/1951417370393845858
Analysts are now monitoring confirmation around the $122,000 resistance level, labeled “D” on the chart, for the final breakout leg to “E.” The current formation resembles the A → B → D → E sequence, with point “C” marking a retracement area just above $112,000. Should BTC hold this level, the pattern may complete a measured move targeting the six-figure milestone.
This brings a key question to the forefront: Could this setup carry Bitcoin beyond $150,000 despite August’s historically weak returns?
Pattern Builds Confluence for a Breakout Toward New Highs
The setup, labeled as “inverted ascending scallop,” is gaining attention as BTC trades near the critical “C” zone. SuperBitcoinBro, who posted the chart on X, noted that the same structure occurred in April when BTC surged from $74K. According to his commentary, this pattern now provides more confluence for a move to $150,000.
BTC’s recent performance shows strong adherence to the scallop outline. The chart indicates a rounded top between points A and B, followed by a downward drift to C, without invalidating the structure. Confirmation at point D, which is around $122,000, would open the door to a breakout targeting E above $147,500.
Moving averages add technical support. The 50-day EMA sits at $112,866 while the 100-day MA holds at $111,804, both below current prices. These dynamic levels have acted as bounce zones in recent cycles, offering additional confidence to bulls expecting continuation.
Technical Support Holding Near $113K as BTC Drops 2.5 Percent
BTC traded at $113,000 after a 2.5% daily drop from the intraday high. Despite the pullback, price action remains inside the scallop formation. As long as BTC avoids breaking below $107,000—the invalidation zone—the pattern stays intact.
The dotted arc from A to B and back to C demonstrates a rounded retrace, consistent with scallop anatomy. A sustained move above D would confirm a bullish structure and complete the projected wave toward E. This path would reflect a repetition of previous momentum witnessed in April's strong move upward.
Volume data and historical fractals support this thesis. The April move followed a similar pattern on both daily and weekly timeframes. That rally delivered gains exceeding 70%, lending credibility to the current formation's potential trajectory toward $150K.
Market Reactions Focus on Confirmation and Seasonality
The crypto community remains cautiously optimistic. SuperBitcoinBro’s post on X attracted over 9,800 views and prompted debates on seasonal price behavior. One user pointed out that August and September typically bring mild returns, prompting skepticism around the pattern’s strength.
SuperBitcoinBro responded, citing BTC’s post-halving behavior as supportive of strong rallies even in traditionally bearish months. He asked followers whether they think this time will be different—implying a possible divergence from seasonal norms.
Market watchers now await a decisive candle close above $122,000. Until then, traders are watching the interaction between key moving averages and confirmation levels for further signals.
